Form 1099R In-plan roth convesion

Forum|Forum|3 years ago
March 26, 2023
1 reply
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Hello,

Need help with 1099-R (for in-plan ROTH conversion)

I made the after-tax contributions to my company 401K and then performed in-plan ROTH conversion of the same amount. I received a Form1099R with code G.

After I entered all the entries for 1099-R, it asks me

Did you move this money from a 401(k) to a Roth 401(k)?

- Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan

- No, I didn’t

What should I select for my situation above? Could you please provide guidance on this?

TurboTax Premier Online

Best answer by DanaB27

You will select "Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan". TurboTax will ask about after-tax contributions in the follow-up question.

DanaB27Answer

Level 15

You will select "Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan". TurboTax will ask about after-tax contributions in the follow-up question.

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RK31Author

Level 2

Thanks @DanaB27 for your response. Just to confirm one more thing. My 401K plan allows to contribute

1. Pre-tax contribution
2. Roth Contribution

3. After-tax contribution

Per IRS limits, contribution limits were $20,500 for #1 and #2 combined.

so over the $20,500 in pre-tax, I also contributed after-tax in #3 above ($61,000) - (Pre-tax $20,500 + Employer contribution). and then used the option of In-Plan ROTH conversion for the "After-tax" part only.

Does "In-Plan ROTH conversion" mean moving to a Roth 401(K)? or this Roth 401(K) is the #2 above (with combined limit of $20,500)?

Did you move this money from a 401(k) to a Roth 401(k)?

- Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan

- No, I didn’t

thanks in advance.

dmertz

Level 15

An In-Plan Roth Rollover is not a Roth contribution, not #2 (also not #1 or #3) above.

Also, the designated Roth account in your 401(k) is not a Roth IRA. Nothing about these contribution is to be entered under Deductions & Credits -> Traditional and Roth IRA contributions.